NCLT stops Bhushan Power creditors from conducting meets on resolution plan

The Bhushan Power & Steel owes nearly Rs 450 billion to its lenders

Bhushan Steel
A Bhushan Steel plant in Odisha. Photo: Reuters

The National Company Law Tribunal (NCLT) has prohibited committee of creditors from holding a meeting on resolution plan for Bhushan Power & Steel till the tribunal decides on the petition filed by UK-based Liberty House. The committee was to hold the meeting on Wednesday. The Delhi bench of NCLT said any such meeting could be prejudiced against Liberty House.   Earlier, the committee of creditors had rejected the bid of Liberty House for Bhushan Power without even opening it as it was submitted after a deadline of February eight. This has left Tata Steel and JSW Steel in the ...